What Are Digital Assets?
Digital assets include anything stored or accessed online or on a digital device. Common examples include:
- Financial Accounts: Online bank accounts, PayPal, Venmo, cryptocurrency wallets.
- Personal Files: Photos, videos, and documents stored in cloud services like Google Drive or Dropbox.
- Non-Fungible Tokens: Digital representations of photographs, videos, music, artwork, tweets, and other types of digital files.
- Social Media: Accounts on Facebook, Instagram, LinkedIn, Twitter/X, TikTok, and more.
- Email Accounts: Often contain important financial or personal information.
- Online Businesses: Domains, e-commerce stores, blogs, or monetized YouTube channels.
- Subscription Services: Netflix, Spotify, Amazon Prime, or digital newspapers.
- Digital Rewards: Airline miles, hotel points, or store credits.
Why Digital Estate Planning Matters
Without a plan in place:
- Loved ones may be locked out of critical accounts. Accessing someone else’s account—even with their credentials—may violate privacy and data protection laws.
- Valuable assets could be lost.Cryptocurrency, NFTs, or domain names could be lost forever without clear instructions.
- Security risks increase. Unmonitored accounts can become targets for identity theft or fraud.
- Sentimental items may be lost. Family photos, videos, or journals stored online might be permanently inaccessible.
Have to Plan for Digital Assets
- Create a Digital Inventory
Encourage your student to make a list of all digital assets, including usernames, email addresses associated with them, and how they are accessed (like two-factor authentication).
- Use a Password Manager
Secure password managers (like LastPass or 1Password) can store login credentials safely often include emergency access features for trusted individuals.
- Appoint a Digital Executor
Have your student include a provision in their Will (or another legal document) naming someone to manage their digital assets. This person can be authorized to close accounts, retrieve files, or transfer ownership. If they don’t have a Will, encourage them to complete a digital authorization for their accounts.
- Set Up Legacy Contacts
Many major platforms now allow users to designate someone to manage their account after death:
- Facebook: Legacy Contact
- Google: Inactive Account Manager
- Apple: Digital Legacy
Setting these up in advance helps avoid delays and red tape if access is needed later.
What Not to Do
- Don’t include passwords directly in your Will. Wills become public documents during probate, making them a risky place to store sensitive information.
- Don’t assume your family will be granted access. Most companies require specific legal documentation before releasing account access, even to immediate family
